Kennebec Savings Bank
"Everything we do is about great customer service. That comes from building great relationships with our employees. A happy, secure employee creates a happy, secure customer."
– Mary Hammond, vice president and human resources officer, Kennebec Savings Bank
Company Facts
- Location: Augusta, Maine
- Type of business: Savings bank
- Number of employees: 81
- Founded: 1870
- Web site: www.kennebecsavings.com
Benefit highlights
- 90% employer-paid medical insurance premiums for employees and dependents
- 401(k) plan with an employer match of 100% up to 4% of pay deferred, then a 50% match up to the next 4% of pay deferred; average employee deferral of 8.4% percent
- Defined benefit plan
- 100% employer-paid premiums for long-term disability insurance
- 100% employer-paid premiums for long-term care insurance
Percent of employees participating in 401(k) plan: 88%
How they've continued to protect the financial security of employees in this economy: "We've done a number of things to reduce expenses, but we have not reduced benefits or laid off any employees," said Mark Johnston, the bank's president and CEO. "We want to be an employer of choice. Part of that is stability and consistency."
Other interesting facts:
- Wellness program features a Money Miles program in which employees can earn up to $300 per year for being physically active
- Offers a health savings account (HSA) with an annual company contribution of up to $2,500
- Offers automatic deferral increases to encourage employees to regularly bump up their contributions to the 401(k) plan
Why Judges Selected Kennebec Savings Bank
Watch a video of comments from 10 Best judge Nevin E. Adams.
Read the transcript
"Kennebec Savings Bank has two features that really stood out. One, they're offering their participants a defined benefit pension plan. The fact that Kennebec is still offering that to their employees in this day and age; a lot of companies don't anymore. This is a great testament to them for their employees. Secondly they had a generous 401(k) match."
— Nevin E. Adams, 10 Best judge and editor-in-chief, PLANSPONSOR Magazine, PLANSPONSOR.com, PLANADVISER Magazine
